Samsung Electronics America to Acquire Quietside

RIDGEFIELD
PARK, N.J. — Samsung Electronics America, Inc. announced that it has
agreed to acquire Quietside Corporation, a leading distribution channel
for HVACR products. Quietside has been the master
distributor for Samsung HVACR products in the U.S. and Canada since 1997.

The
acquisition will provide Quietside with greater access to Samsung's
wide range of cost effective and energy efficient HVACR products,
including its industry-leading DVMS System
with the highest efficiency ratings. As a result of the acquisition,
Quietside will be increasing its personnel and infrastructure investment
in North America in order to serve the continuing rapid expansion of
the split ductless and VRF product categories.

Samsung
expects to further strengthen its sales operations in North America,
particularly in the B2B space. The company also plans to unveil an
enhanced HVAC product lineup that
better reflects the needs of North American customers.

Sang
Lee, the founder of Quietside, will remain as CEO and will have
operational responsibility for the company.

"The acquisition of Quietside by Samsung provides a terrific benefit to our customers and employees," Lee said. "The rapid growth of our product categories in North America provides a great opportunity for us to scale our business rapidly to meet the needs of the market. The operational capabilities of Samsung and the strength of the Samsung brand will mean incredible opportunities for us all going forward."

Lee has 29 years of
experience in the North American HVACR market.

"Samsung
is excited to deepen our long relationship with Quietside by making
this acquisition," said Tim Baxter, president of Samsung Electronics
America. "Samsung always looks
to bring innovation and new technology to our customers and we look
forward to working with Sang and his team to bring that same commitment
to selling HVACR products to customers across North America."

The company will continue to be headquartered in the Dallas/Fort Worth area.